By Mike Murphy
Warren Buffett isn't going anywhere.
In a filing Wednesday with the Securities and Exchange Commission, Berkshire Hathaway Inc. (BRKA)(BRKA) disclosed that a shareholder measure that would have removed him as chairman was overwhelmingly rejected.
The proposal, which called for an independent chair, received only 54,425 votes (about 11%) to 448,868 against (89%), according to the filing. The measure from the National Legal and Policy Center -- and supported by CalPERS, the country's largest state public pension fund -- argued that there is weaker corporate governance when the same person hold the CEO and chairman titles.
Read:Dump Buffett as Berkshire's chairman? That's exactly what's wrong with so many shareholder proposals this year
Buffett, 91, became CEO of Berkshire in 1965, and has been chairman since 1970.
Three other shareholder measures, including one to require more transparency into the conglomerate's climate-related risks and opportunities, also failed by wide margins, according to the filing.
Berkshire held its annual shareholders meeting Saturday in Omaha, Neb.
(END) Dow Jones Newswires
May 04, 2022 22:31 ET (02:31 GMT)
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